Exactly what Debts are removed if I go Bankrupt?
The quick answer is that when it comes to Bankruptcy most debts are wiped, and I have featured a chart below for you to look at.
But, put simply some of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding fines) as well as any debts arising from uninsured Motor-vehicle claims and educational debts for example, HECS or FEE-HELP. These debts are not erased when you file for bankruptcy.
What about Secured Debts?
A secured debt is a car loan or a home loan; it is a debt that has some definite security connected to it. So as an example if you buy a new car for $40,000 dollars the security for this car is the actual car itself.
So, can my secured debts be removed if I file for bankruptcy?
Yes. If you have a car loan for $40,000 you can have that debt cleared away if you simply hand back the car. So the lesson is that you cannot have your cake and eat it too (so to speak), so yes all of your secured debts might be wiped but the asset will need to be sold or returned. This is just one facet that, when it comes to Bankruptcy, it is necessary to get professional help - like that you can find at Bankruptcy Experts Bunbury.
What about my Tax Debts with the ATO can they be removed If I go bankrupt?
Yes they can, both business and personal debts owing to the ATO can be erased with bankruptcy. If you have a business with any kind of debts get some advice because it is not always so easy. Feel free to call us right here at Bankruptcy Experts Bunbury if you have any type of questions on 1300 795 575. Or feel free to head to our website: www.bankruptcyexpertsBunbury.com.au
What about my business or Company debts?
In some cases when it involves Bankruptcy we can help you with your business debts, call us concerning this first. Remember bankruptcy applies to an individual not companies, trusts or businesses. Normally you may need to liquidate a company to deal with the debt that way. When it comes to Bankruptcy, it can be a confusing area, so remember there are implications for a business owner such as insolvent trading. At Bankruptcy Experts Bunbury we specialise in business and personal debts so give us a call here at Bankruptcy Experts Bunbury if you have any questions regarding Bankruptcy on 1300 795 575. Or feel free to go to our website: www.bankruptcyexpertsBunbury.com.au